Assume the following accounts and amounts were reported by a nation last year: Government purchases of goods and services were $5.6 billion; personal consumption expenditures were $41.2 billion; gross private domestic investment amounted to $20 billion; personal savings were estimated at $2 billion; imports of goods and services amounted to $7.5 billion; and the exports of goods and services were $5 billion. (a)Determine the nation’s gross domestic product. (Enter amount in billion. Round answer to 1 decimal place, e.g. 527.5.)Gross domestic product (GDP) $_______ billion

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Assume the following accounts and amounts were reported by a nation last year: Government purchases of goods and services were $5.6 billion

Assume the following accounts and amounts were reported by a nation last year: Government purchases of goods and services were $5.6 billion; personal consumption expenditures were $41.2 billion; gross private domestic investment amounted to $20 billion; personal savings were estimated at $2 billion; imports of goods and services amounted to $7.5 billion; and the exports of goods and services were $5 billion.

(a)Determine the nation’s gross domestic product. (Enter amount in billion. Round answer to 1 decimal place, e.g. 527.5.)

Gross domestic product (GDP) $_______ billion

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jeff jeffy answered 2 years ago

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